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Market Explodes on FOMC News

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The stock market indices started off the day with a nice move to the upside, but resistance thwarted the advance on the S&P 500 500 near the 2018-19 zone, which was overhead resistance. Even though the Nasdaq 100 did make a nominal new high and got up to 4385, they rolled over midday just before the FOMC meeting to retest the lows. A very, very sharp rally ensued, then a pullback, then another rally and another pullback. It was a beautiful 5-wave advance before the late pullback into the

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